We just released a new version of our recovery tool with a ton of UX improvements! After rewriting its entire architecture, we got the average time to sweep funds from 4 hours down to 4 minutes 🙀 github.com/muun/recovery 1/n Read why this is important for self-custody 🔽

Apr 12, 2021 · 11:27 PM UTC

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2/ Having bitcoins stored in a self-custodial wallet means that the wallet provider can't: • Move your money (un-seizable) • Freeze your money (un-freezable) You have un-freezability only if you can recover your funds without collaborating with the wallet provider’s servers.
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3/ Un-freezability has historically been achieved by producing a backup in the form of mnemonic words, that’s interoperable between wallets. The idea was that you could import the words into any wallet and recover your funds without the original wallet's collaboration.
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4/ In practice, however, there were slight incompatibilities between wallets, making recovery interoperability a UX nightmare. This stems from the fact that there’s metadata missing in the mnemonics, such as derivation paths, that have to be guessed in order to recover the funds
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5/ Even if you backed up everything correctly, it's extremely common to import your mnemonics during recovery and be welcomed with an empty wallet. If you remember the first time you went through this, it's a scary moment. Is this really the best we can do?
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6/ For this reason, we created a recovery tool that *always* works out of the box, since it doesn't have to guess any of the metadata. It's all there. This tool allows you to move all your funds to an address of your choosing, without any collaboration with Muun's servers.
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7/ Furthermore, as the Bitcoin ecosystem evolves to use more advanced features, it's paramount that we don't lose non-freezability. Compared to mnemonics, Muun's mechanism can also provide non-freezability for multisig, lightning, and taproot schemes. blog.muun.com/why-not-just-a…
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8/ As a final note, it's important to remark that this is only the beginning! There's still a lot of room for improvement, so we'll keep working to make the self-custodial UX much better!
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9/ Back to top
We just released a new version of our recovery tool with a ton of UX improvements! After rewriting its entire architecture, we got the average time to sweep funds from 4 hours down to 4 minutes 🙀 github.com/muun/recovery 1/n Read why this is important for self-custody 🔽
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Replying to @MuunWallet
Hi, I have a doubt. Wouldn't it be easier to just backup the private key for each address?
Replying to @MuunWallet
Amazing! 🤟🏼
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